KYC.IO

Global Regulations and Requirements for KYC Onboarding
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KYC to onboard domestic persons

namesignature specimenaddresswork placedate of birthnationalitytax identification number

KYC to onboard international persons

nameaddresswork placedate of birthnationalitytax identification numbersignatureprofessionsource of fund

corporate requirements

headquarters addresstax identification numbershareholder identificationboard of directors identification.

National ID card name

BI (ID Card)

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

Angola needs legislation to regulate electronic commerce; Data protection law is attached

E-sig law files

What year did the relevant AML laws and regulations become effective?

2011

Further details on AML regime

Law no. 34/11 was issued on 12 Dec 2011 and Aviso Nº 21/2012 and Nº 22/2012 for financial institutions

Who is the regulator for AML controls for Banking

Banco Nacional de Angola

Link to site

www.bna.ao

Other financial Services

Direcção Nacional de Investigação e Inspecção das Actividades Económicas do Comando Geral da Policia Nacional

Website of Regulator

http://www.policiaeconomica.gv.ao/

Financial Sector regulator

N/A

Practical Guidance for AML

There is a guide issued by the banking regulator

Practical guidance PDF's

Is there a requirement to verify the identity of customers retroactively?

Yes

Retroactive details

Law no. 34/11 does not make any reference to requirements to retrospectively verify the identity of customers before the date the new AML regime was introduced. This may be clarified in a regulation expected to be issued in the near future.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Yes

PDF of FATF review

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Yes. One-off transactions under USD15,000 (or equivalent in local currency). All cash operations equal or above USD15,000 should be reported to national authorities.

What are the requirements for customer identification information for individuals

should provide a valid document with: full name, signature, address, profession and work place (when applicable), birth date, nationality, funds provenience and tax identification number (optional).

Details to be Collected on Corporates

should provide a valid document with their deeds of incorporation or valid licence (certification should be made through the card Cartão de Identificação de Pessoa Colectiva or Certidão do Registo Comercial), the headquarters address, tax identification number, shareholder identification if more than 20% of the voting rights, and board of directors identification.

What are the high level requirements around beneficial ownership (identification and verification)?

Management Board and shareholder identification must occur if more than 20% of the voting rights are held. Identification and verification requirements for beneficial owners are the same as those for

What circumstances are enhanced customer due diligence measures required?

Entities shall apply enhanced due diligence measures in respect of customers and transactions which by their nature or characteristics can present a higher risk of money laundering or terrorist financing.

How should FI's deal with Politically exposed persons

A PEP relationship requires additional due diligence. When establishing a relationship with a non-resident PEP, the entities should have appropriate risk based procedures to determine whether the customer is a PEP; have approval from senior management before establishing business relationships with such customers; take adequate measures to establish the source of wealth and funds involved in the business relationship or occasional transactions; and conduct enhanced ongoing monitoring of the business relationship.

What enhanced due diligence must be performed for correspondent banking relationships?

When establishing a relationship through correspondence with third country banks, this relationship must take into consideration the banks country and its AML risk, the analysis of the bank’s internal procedures regarding the international laws of anti-money laundering, the guarantee of information accuracy and the bank’s reputation. In addition, the financial institution should guarantee that the due diligence duty was observed.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

Non face-to-face relationships (especially those that can favour anonymity) require additional due diligence. In such relationships, the institution should either ask for legal documentation as additional documentation to verify/ certify the documentation provided by the customer. This may be provided by another financial institution or it can be requested that the first payment is made through an account opened in the name of the customer with another financial institution.

To whom are SAR's made? (suspicious activity reports)

anco Nacional de Angola and Direcção Nacional de Investigação e Inspecção das Actividades Económicas do Comando Geral da Policia Nacional .

Link to website of SAR reporting

http://www.policiaeconomica.gv.ao/

Are there any de-minimis thresholds below which transactions do not need to be reported?

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Article 49 provides that breaches of regulations shall be punishable as follows: a) Where the offence is committed within the scope of activity of a financial entity: a. By a fine from USD25,000 to USD2.5m, (or the equivalent amount in local currency) where the offender is a legal person; or b. By a fine from USD12,500 to USD1.25m, (or the equivalent amount in local currency) where the offender is a natural person. b) Where the offence is committed within the scope of activity of a non-financial entity, with the exception of lawyers and solicitors: c. By a fine from USD5,000 to USD500,000, (or the equivalent amount in local currency) where the offender is a legal person; or d. By a fine from USD2,500 to USD250,000, (or the equivalent amount in local currency) where the offender is a natural person. Article 50 provides for the imposition of additional penalties.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

yes

Data Protection for Corporate Data

Data protection for "sensitive Data" and additional protections.

yes

Do any restrictions on the transfer of credit reports exist?

Regulator Acronym

BNA

Year of last FATF mutual evaluation

2012, 2012

Field 67

due diligencelegal documentationfinancial institution

National ID card details

Every citizen of Angola aged from 10 years and above are required to posses an Identity Card.

Compulsory?

National ID source

https://silicontrust.wordpress.com/regional-spotlight-africa/

practical Guidance yes / no

Legal Requirement

Requirement to proceed

requirement to use automated suspicious transaction tools

shell banks

Yes

EDD for correspondent banking

Yes

Minimum transactions

AOA 2,486,119

Min transaction USD

15000

Personal Data protection

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

N/A

Does the country have a risk based approach?

Law no. 34/11 provides that, in compliance with identification and due diligence requirements, financial institutions can adapt the nature and scope of verification and due diligence procedures, taking into account the risk associated with the type of customer, the business relationship, the product, the type of transaction and the origin or the purpose of the funds.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

The copies of documentation must be certified.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

Yes